Taiwan Unveils ‘Green Money’ Revolution: What’s Coming in 2028
Taiwan is rewriting the playbook for sustainable banknotes. On **October 22, 2025**, the Central Bank of the Republic of China (Taiwan) announced a complete overhaul of the New Taiwan Dollar (NT$), targeting a release **two and a half years after theme selection**—likely around 2028. The goal? A “green currency” that reduces environmental impact through eco-friendly materials and production processes, while dramatically upgrading security features and accessibility for the visually impaired. But the most controversial element isn’t the sustainability angle—it’s the potential removal of political figures like Sun Yat-sen and Chiang Kai-shek from the bills, a move that has ignited fierce debate in Taiwan’s Legislative Yuan.
• Timeline: First new note expected in 2028 (2.5 years after theme approval)
• Scope: All banknotes redesigned; **coins remain unchanged**
• Green Focus: Eco-friendly materials, sustainable production aligned with ESG goals
• Security Upgrades: Advanced anti-counterfeiting features to replace 24-year-old designs
• Accessibility: Larger numbers, enhanced tactile marks for blind/visually impaired
• Cost Increase: Production cost rises from ~NT$3.50 to ~NT$5 per note (+NT$1.50 / ~US$0.05)
• Political Debate: Governor Yang Chin-long hints portraits of political figures may be removed
— Central Bank Governor Yang Chin-long
What Makes It ‘Green Currency’?
Taiwan is joining a global movement toward sustainable banknote production.
The term “green currency” refers to banknotes produced using environmentally responsible materials and processes. While the Central Bank hasn’t disclosed specific substrate details, the announcement emphasizes alignment with **international green currency trends** and **ESG (Environmental, Social, Governance) sustainability goals**. Taiwan is following the lead of countries like Switzerland and the UK, which have transitioned to polymer notes, and China, which has been pushing green banknote printing initiatives as part of its “Beautiful China” ecological civilization agenda.
• Eco-friendly substrate: Possibly hybrid cotton-polymer or fully polymer notes with lower carbon footprints. Giesecke+Devrient’s “Green Banknote” initiative, for example, reduces CO2 emissions by up to 50% compared to traditional polymer notes.
• Sustainable inks: Water-based, low-VOC (volatile organic compound) inks that reduce air pollution during printing.
• Reduced waste production: Streamlined manufacturing processes that minimize scrap material.
• Extended lifespan: More durable notes reduce reprint frequency, lowering long-term environmental impact.
• Recyclability: End-of-life notes can be repurposed into plastic products or composted (depending on substrate).
Critically, the Central Bank has stated that **current material, primary ink colors, and sizes will remain unchanged** to minimize societal costs and preserve user familiarity. This suggests Taiwan may opt for a **hybrid approach**—retaining cotton-based paper but upgrading production processes and security features with greener techniques, rather than a full switch to polymer.
Current Notes vs. Future Design: What’s Changing
24 years of continuity, about to be disrupted.
| Feature | Current Notes (2001-2005 Issues) | Future ‘Green Currency’ (2028+) |
|---|---|---|
| Oldest Design | NT$100 note (issued 2001) — **24 years old** | Complete redesign across all denominations |
| Security Features | Watermarks, security threads, microprinting, UV features (outdated by 2025 standards) | Advanced anti-counterfeiting: Likely optically variable inks, MOTION® technology, transparent windows, or holographic elements |
| Accessibility | Minimal tactile features; small numerals | Enhanced: Larger numbers, improved tactile marks for blind/visually impaired users |
| Portraits | NT$100 (Sun Yat-sen), NT$200 (Chiang Kai-shek), others feature non-political imagery | Possibly removed: Governor Yang hinted portraits may be replaced with nature, culture, or landmarks |
| Environmental Impact | Traditional cotton-based paper, conventional inks | Eco-friendly materials + green production processes |
| Production Cost | ~NT$3.50 per note | ~NT$5 per note (+43% increase, ~US$0.05 more) |
| Public Input | None (top-down design) | Consulting Committee: Public and expert input on themes/motifs |
The Central Bank emphasized that coins will not change, keeping costs manageable. A previous estimate by former Governor Perng Fai-nan suggested a full redesign (including coins) could cost NT$50 billion, but Yang clarified that 80% of that figure was coin-related.
The Political Firestorm: Should Sun Yat-sen & Chiang Kai-shek Go?
A seemingly technical redesign became a culture war flashpoint.
What began as a routine announcement about security upgrades exploded into a heated legislative debate over national identity. The current NT$100 and NT$200 notes feature **Sun Yat-sen** (founding father of the Republic of China) and **Chiang Kai-shek** (former president and Kuomintang leader), respectively. When DPP legislator Wu Ping-jui suggested the time had passed for political figures on currency, Governor Yang responded that the bank was “considering removing portraits,” a statement that instantly divided lawmakers along party lines.
The DPP Perspective (Ruling Party)
The Democratic Progressive Party argues that Taiwan’s currency should reflect **modern Taiwanese identity**, not figures tied exclusively to the Kuomintang (KMT) and the Republic of China framework. Removing portraits aligns with the party’s broader “transitional justice” agenda, which seeks to address historical injustices from the authoritarian era.
The KMT Opposition
KMT legislator Lai Shyh-bao accused the redesign of being politically motivated, claiming the NT$50 billion cost (later clarified to be mostly coin-related) was excessive and served only the DPP’s agenda. The KMT views the removal of Sun and Chiang as an attack on the Republic of China’s legitimacy.
Governor Yang’s Defense
Yang insisted the redesign is driven by **security needs** and international best practices, not politics. “The existing banknotes have been in use for 24 years, and we are really slow compared with major countries,” he said, pointing to counterfeiting risks and the need for modern features.
What Might Replace Portraits?
The bank’s advisory committee will propose alternative themes. Likely candidates include **Taiwan’s natural landmarks** (e.g., Yushan/Jade Mountain, Taroko Gorge), **indigenous culture**, **endemic species** (e.g., Formosan black bear, Taiwan blue magpie), or **technological achievements** (e.g., semiconductor industry). This approach mirrors modern trends in countries like Switzerland and Canada.
What This Means for Collectors
The current series is about to become “vintage” overnight.
For numismatists, Taiwan’s redesign represents a major opportunity. The current NT$ series, issued between 2001 and 2005, will transition from “modern circulation” to “historical issues” once the new notes debut in 2028.
• Acquire UNC (Uncirculated) examples: Focus on the NT$100, NT$200, NT$500, NT$1,000, and NT$2,000 denominations in pristine condition before they’re phased out.
• Special serial numbers: Taiwan’s Central Bank regularly auctions banknotes with special serial numbers (e.g., 888888, 000001). These will appreciate significantly once the current series is retired.
• First/Last print runs: Early and late prefix variations of the current series will carry premiums as “first” and “final” issues of the 2001-2005 family.
• Watch for commemoratives: If Taiwan issues a “farewell” or “transition” commemorative set in 2027-2028, it will be highly collectible.
• International market: Taiwan notes are underrepresented in Western collections—this redesign will drive global interest.
Additionally, if political portraits are indeed removed, the NT$100 (Sun Yat-sen) and NT$200 (Chiang Kai-shek) notes will gain historical significance as the **last Taiwanese currency to feature these figures**, making them key pieces for collectors of political history.
FAQ — Taiwan’s Green Currency Redesign
When will the new banknotes be released?
The first new note is expected two and a half years after the theme is officially selected, likely around 2028. The rollout will be gradual, with different denominations released over time.
Will Taiwan switch to polymer banknotes?
Not confirmed. The Central Bank stated that “current material, primary ink color, and size will remain unchanged.” This suggests a **hybrid cotton-polymer approach** or upgraded cotton-based paper with greener production, rather than a full polymer switch.
Are coins changing too?
No. Governor Yang confirmed that **only banknotes will be redesigned**. Coins will remain unchanged, keeping costs manageable.
Will political figures be removed from the new notes?
Likely, but not confirmed. Governor Yang told lawmakers the bank is “considering removing portraits,” but the final decision will be made by an advisory committee gathering public input. If removed, Sun Yat-sen and Chiang Kai-shek will disappear from circulation currency.
How much will the new notes cost to produce?
Production costs will rise from approximately NT$3.50 to NT$5 per note (~US$0.05 increase). This 43% cost increase is attributed to advanced security features and eco-friendly materials.
What is the total cost of the redesign?
The Central Bank has not disclosed the full budget. A previous estimate of NT$50 billion (~US$1.56 billion) was cited by opposition lawmakers, but Governor Yang clarified that 80% of that figure would have been for coin redesign, which is not happening. The actual cost for banknotes alone will be significantly lower.
Sources & References
- TVBS News — Taiwan to redesign banknotes with eco-friendly materials (October 21, 2025)
- Focus Taiwan — Political figures could be removed from new banknotes: Governor (October 24, 2025)
- MRI Guide — Taiwan – New banknotes with ecological materials
- TaiwanPlus News — Taiwan Banknote Redesign Stirs Debate in Legislature (October 23, 2025)
- Giesecke+Devrient — The Green Banknote Initiative
- Currency News — Green Banknote Printing Revolution in China
All information cross-referenced with official Central Bank announcements and Taiwanese legislative records.
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